New Delhi: Finance Minister Pranab Mukherjee on Wednesday asked India Inc to focus on CSR activities in a big way and emulate the global best practices.

"I urge the most successful business leaders in the country to show magnanimity and emulate the best practices in philanthropy and pay back to the society by way of CSR and philanthropic activity," he said at a award function organized by television channel Aaj Tak.

He further said that Corporate Social Responsibility (CSR) initiatives are in the best interest of the corporate sector.

"Through CSR, the corporate sector can service the interest of society. I urge the corporate sector to come forward and launch CSR activity in a big way and contribute towards equitable society," Mukherjee added.

The new Companies Bill would contain provisions to encourage companies to earmark 2 per cent of their three-year average profit on CSR activities.

The new Companies Bill, which would replace the existing half-a-century-old Act, seeks tighter corporate governance norms and greater disclosure by companies.

"Corporate India has to help with the new ideas and demonstrate working of these ideas to tackle some of the unique socio economic issues of our society," Mukherjee said.